2009
Africa Oil Corp.
Acquisition by Plan of Arrangement
We acted as lead and corporate counsel to Africa Oil Corp. in respect of the acquisition of Turkana Energy Inc., a private British Columbia oil and gas exploration company, which closed in July 2009. Turkana’s oil and gas assets are located in Kenya and will complement the Kenyan oil and gas assets acquired by Africa Oil earlier in 2009 from Lundin Petroleum.
The acquisition transaction was effected pursuant to a plan of arrangement under the British Columbia Business Corporations Act pursuant to which Turkana amalgamated with a wholly owned subsidiary of Africa Oil, with the securityholders of Turkana receiving shares of Africa Oil as compensation. Based on the closing price of Africa Oil’s shares as of the date of announcement of the transaction, the shares of Africa Oil issued under the transaction were valued at approximately $13.7 million.